The owner of the Fontainhas building, which has been completely rehabilitated, wanted to boost the profitability of the asset through the operation of a flex space.
To this end, it commissioned B. Prime, which in turn selected a number of operators in this segment, interested in a partnership in the form of a "Managed Client Agreement", in which the operator guarantees the operation of the business, but in which the owner is responsible for the building and maintenance of the infrastructure. This innovative model seems to be a trend in this market segment in Portugal.
Among the candidates, IWG (Regus) was selected due to its in-depth knowledge of the local market, know-how and track record, the statement said.
IWG, mandated by the owner, will market and manage a new Regus-branded flex space during the first half of 2024. The new center will offer a diverse range of private and coworking spaces. B. Prime will also collaborate with Regus in placing companies in this space.
For Jorge Valdeira, Country Manager Portugal at IWG, "with Regus Alcântara, IWG is increasing its network to 21 units in Portugal. Its Regus, Spaces and HQ brands cover the mainland from Minho to the Algarve and are present in more than 120 countries around the world. Our model is increasingly based on partnerships with building owners who have invested in the IWG platform to create flexible working spaces in their buildings". The partnerships enable owners and investors to increase the return on their properties by capitalizing on the rapid expansion in demand for flexible working solutions. IWG offers support throughout the process, including the use of its market-leading technology platform, access to design and adaptation expertise, as well as sales and marketing resources, where more than 100,000 orders are generated every month globally.
According to Paulo Henriques, Partner at B. Prime, "because it's an innovative model, the process was longer, since it was necessary to choose the concept of the space to be developed and even complete the market studies to prove that the bet made sense from a commercial point of view. The delay in this process was due to the need for a major refurbishment of 3 old warehouses into a corporate office building of around 1000 square meters. After a proof of concept, we then proceeded to select candidate operators willing to work in partnership with the owner of the property and invited them to submit proposals".